Insurance Overview
Insurance companies supply services to a wide variety of customers, from everyday consumers to large corporations.
But do they have guidelines or policies as to who they will and won't insure? Do green and ethical considerations feature in insurance companies' risk assessments?
Might they, for example, offer coverage to munitions factories or companies with significant operations in countries with oppressive regimes? Or might they insure others with poor labour or environmental records?
Green and ethical insurance products
Green and ethical insurance products
For home, motor, travel, life and health insurance, there is a small but growing number of green and ethical insurance products available. A selection is below:
- Co-operative Insurance
Insurance type: home, motor, life and health
This provider has a comprehensive ethical engagement policy in place that governs all its insurance decisions. The Co-op's 'ecoinsurance' scheme offers cash incentives as well as environmental pledges. It offsets the equivalent of 20 per cent of the CO2 from every vehicle insured and also offers premium discounts for greener cars. - Climate Sure
Insurance type: travel
Climate Sure calculates the CO2 produced by flying overseas and pays for it to be 'offset' by funding sustainable energy projects. - Green Insurance Company
Insurance type: motor
This provider aims to offset your car's carbon emissions and offers discounts on greener cars/lower mileage. - Naturesave
Insurance types: home, travel, personal accident and illness
This company puts 10% of its personal insurance premiums in a fund (Naturesave Trust) to benefit environmental and conservation projects. It also offers a free environmental performance review for commercial clients and aims to use suppliers that support sustainable business practices. - Ansvar Insurance Co Ltd
Insurance types: home, motor, travel
Insurance is sold to individuals and organisations with a not-for-profit remit.
Your next steps
What do you do now? Check out our guide Next Steps - Insurance for suggestions on how to give your insurance policies a green and ethical makeover as well as the questions you should be asking your current or prospective insurance provider.
Insurance Search
Insurance Provider
Sainsbury’s Bank
Green/Ethical Products
None
Ethical Lending or Insurance
No evidence of an ethical lending policy.
Responsible Lending
1. Credit Lending
Sainbury’s Bank offers unsecured credit only.
With regard to running checks before issuing credit, the bank states that it uses information supplied by loan applicants in a credit scoring process as well as making enquiries about the customer with credit reference agencies and fraud agencies.
According to publicly available data, credit card customers are subject to the credit scoring only. Results are used to determine the card’s maximum credit limit.
No evidence was found of a policy to avoid or prevent offering unrequested increases in credit limits to customers.
2. Debt Warning
On its website, the bank warns customers not to ‘neglect’ their loans and to avoid borrowing more than they need. It refers customers to the FSA Debt Test and budget calculator to find out if they are in a position to borrow.
3. Debt Management and Advice
No policies on payment default and handling payment problems were found. The bank does offer the possibility of a payment holiday of three months at the start of a loan term. Interest continues to be accrued during this holiday.
Financial Exclusion
No evidence of policy or provisions for financially excluded customers.
Environment
The policy information found relates to retail business and related transport/deliveries and not full company operations.
Carbon Neutral
No satisfactory pledge regarding making business operations carbon neutral was found.
Equal Opportunities
The equal opportunities policy covers the key areas of gender, race, disability and sexuality.
Women on the Board
33% of members of the parent company's board are women.
Voluntary Standards & Initiatives
None specific to banking found.
Sainsbury’s Bank
- Credit Cards
- Loans
- Savings
- Investments
- Insurance (Home, Motor, Travel, Pet, Life, Identity Theft)
- Students Contents Insurance
